The rapidly evolving eCommerce landscape demands businesses to be proactive in adopting the latest developments and technologies to become successful players in the competitive market. Here, we’ll discuss how to choose the right eCommerce analytics partner.
The eCommerce industry has seen tremendous growth over the years. It is a fast-paced sector with fluctuating demands and customer preferences. Many people today like to place an order online rather than go out and buy the product in person. According to Statista, the average number of products per order has increased to 4.95.
Moreover, the eMarketer platform predicts that groceries will become the largest eCommerce category in the US by 2026. The Asian countries are in no way lagging. The total revenue of the eCommerce and online retail sector in Asia was $1.7 trillion in 2023.
With such clear statistics, it’s evident that eCommerce businesses should stay alert 24*7 to grab market opportunities and make proactive decisions. That’s where eCommerce analytics can help.
But what is it, and how can you choose the right eCommerce analytics partner to help your business adopt data-driven technologies? Let’s find out below!
eCommerce analytics refers to the process of collecting data from multiple internal and external sources to determine the trends, patterns, customer behavior, preferences, market opportunities, risks, future demands, etc., to plan your inventory and marketing strategies. It includes metrics like every stage of the customer journey, your business KPIs, competitor analysis, and many more.
So, how to do eCommerce data analysis?
eCommerce analytics requires large datasets, analytical models, and data visualization tools like Power BI, Tableau, artificial intelligence/ machine learning technologies, etc. It is a comprehensive and continuous process that streamlines workflows and delivers actionable insights in real-time to decision-makers. You can set up data analytics for eCommerce by partnering with a reliable service provider who manages the processes from end to end.
An eCommerce data analyst is a professional with expertise in data analytics, statistics, mathematics, and technology (computer skills). The person has many roles and responsibilities, such as the following:
With such varied expectations, it is easier to work with an eCommerce analytics partner company that has an experienced team of data analysts and AI engineers to manage all tasks effectively and deliver the desired results.
In today’s digital era, every retail and eCommerce business faces intense competition from others. You are at risk of being outdated if you don’t quickly adapt to the changing conditions and present the best side to your customers.
But how will you know what’s trending and what will trend in the coming months? How can you track the fluctuating demands and changing customer requirements? eCommerce analytics is the key. By hiring a worthy partner, you can use accurate data-driven insights to make decisions and boost your business. From supplier identification to inventory management, marketing, distribution, and transportation, you can streamline every aspect of your business with the help of an eCommerce analytics partner.
Here’s how to find the right solution partner for your eCommerce business.
Strategy is the core of any business. To be a successful eCommerce business, you should have a robust strategy for adopting analytical models, marketing and promoting your business, increasing customer satisfaction, achieving your goals, etc. Your eCommerce analytics partner should have in-depth knowledge and know-how to create a feasible and future-proof strategy to digitally transform your business and streamline it at all levels.
Experience is definitely an important factor as it hints at the company’s ability to understand the nuances of the industry. The trends, developments, requirements, market conditions, etc., of every sector are different. The eCommerce industry is complex due to the extensive number of parties involved. Working with an eCommerce analytics partner who has previously delivered projects from businesses from the same industry provides an assurance that it can handle your specifications and show the results.
Data analytics involves various technologies and tools. The same can be said for eCommerce. In such instances, you need a partner with access to the best and latest eCommerce analytics tools. The service provider should know which tools are most suitable for your long-term goals and how to integrate them with your systems. Similarly, the company should give prominence to innovation and stay up to date about the new developments. This will give your eCommerce business an edge over competitors and help you enter new markets with greater confidence.
The size of your eCommerce business doesn’t matter, but the products and services you provide will definitely impact your brand reputation and customer experience. To run a digital business successfully, you need technology that works 24*7*365. While glitches and downtime cannot be avoided, you can minimize them by having a trusted partner to provide managed IT services. Your eCommerce analytics partner can be your managed service provider, thus ensuring everything goes on smoothly.
Certifications denote expertise. An eCommerce analytics company should have proficiency in handling large volumes of data (on-premises and cloud), building data pipelines, and choosing the best third-party app integrations. A company that is a certified partner of Microsoft, Google, AWS, etc., will have the technological know-how and direct access to advanced tools provided by the industry giants. This will make things easier for your business.
eCommerce analytics trends show that customer-centric businesses have greater revenue and better reputation. A modern-day customer uses different channels to discover your business. A website is no longer enough. You will also need to manage mobile apps, social media sales, upload your products on third-party platforms, and so on. But how do you track your inventory and sales? This can be streamlined by an efficient eCommerce analytics provider while providing real-time reports about the best ways to enhance your customer journey.
When adopting a data-driven model, you should also make sure that all the necessary security measures are followed to ensure that datasets are kept safe from hackers and unauthorized access. Your website, mobile app, data warehouse, business intelligence tools, dashboards, etc., need data encryption and robust security at all times. Additionally, you will also have to adhere to data protection regulations based on your region. The eCommerce analytics partner should take care of these aspects so that you focus on the core aspects of your job.
What kind of projects did the eCommerce analytics service provider handle until now? Ask for their project portfolio to understand if the company can deliver what you expect. For example, if you want e-commerce category analytics for a thousand categories or more, you need to ensure the service provider can scale its solutions accordingly. Moreover, asking for details about the company’s previous projects will give you a glimpse into their competence levels and how the team can handle complex situations.
Pricing will always be an important deciding factor when choosing an eCommerce analytics partner. If you own a small or emerging eCommerce and retail business, you will want a service provider who fits your budget and delivers quality results. Ask questions about the pricing models to avoid hidden costs. Furthermore, a company that is not transparent in its pricing can be hard to trust in the long term.
eCommerce analytics has a crucial role in enhancing a business. For example, the performance metrics will indicate the areas for improvement and help resolve problems. You can identify the root cause and eliminate it to prevent the issue from recurring. Additionally, it helps with the following:
Hard work and dedication are important for a business to thrive. However, making an effort where it matters the most is even more essential. Choosing the right eCommerce analytics partner can boost your business and reputation in many ways.
Take time to compare the services offered by different companies and talk to each of them to find the one who understands your vision and ideas. Finalize an eCommerce analytics partner who can support you strategically and operationally to help you achieve your long-term goals.
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Fact checked by –
Akansha Rani ~ Content Creator & Copy Writer
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